Italy’s Webuild drops acquisition of Australia’s Clough

MILAN (Reuters) – Italy’s biggest construction group Webuild has dropped the proposed acquisition of Australian rival Clough, it said on Monday.

Webuild said in a statement it had agreed with Clough’s parent company Murray & Roberts that there was “no reasonable prospect” for the deal to reach a successful completion.

Webuild, which had announced the operation last month without disclosing any financial details, said it would continue to “look for opportunities for growth, including in the Australian market”.

(Reporting by Federico Maccioni, editing by Valentina Za)